Boat Insurance

MAXUM · 03-04-2015, 06:56 PM

I have State Farm for everything including the boat. Couple of things that are noteworthy... and may depend on your policy etc..

My boat coverage doesn't just cover the boat on the water, but also when it's being trailered. Now you may say huh, shouldn't your auto insurance cover it. NO it doesn't at least from State Farm's perspective. That was an interesting twist I never would have even thought about.

Not all policies cover certain conditions, sure you can insure the boat against loss, but that loss may not include I just sunk my boat and it needs to get pulled out of the lake. They cover the cost of the boat but you're out the money to pull the thing out of the lake.

Look at the liability limits... ESPECIALLY for onboard/towed passengers. Are they even covered? I found that many policies were short on when it came to personal injury for passengers in the boat with you, they only tend to focus on passengers of a boat you may get into an accident with. Cost of coverage is usually commensurable with the $$ limits of coverage too. Sure if you have low limits the coverage is cheaper... you typically get what you pay for.

Finally - and this is why I opted to go with State Farm. I carry an umbrella policy which dictates the terms of coverage, including what I MUST carry on things such as boats, snow machines and vehicles or the umbrella coverage is null and void.

My policy covers the market value of the boat in the event of a loss. I'm not sure they offer an agreed upon value I never asked. I'm not so much worried about what I would get for the boat should it be damaged or destroyed, it's the liability I care about in today's litigious society!

03-04-2015, 06:56 PM	#11
MAXUM Senior Member Join Date: Apr 2004 Location: Kuna ID Posts: 2,755 Thanks: 244 Thanked 1,942 Times in 802 Posts	I have State Farm for everything including the boat. Couple of things that are noteworthy... and may depend on your policy etc.. My boat coverage doesn't just cover the boat on the water, but also when it's being trailered. Now you may say huh, shouldn't your auto insurance cover it. NO it doesn't at least from State Farm's perspective. That was an interesting twist I never would have even thought about. Not all policies cover certain conditions, sure you can insure the boat against loss, but that loss may not include I just sunk my boat and it needs to get pulled out of the lake. They cover the cost of the boat but you're out the money to pull the thing out of the lake. Look at the liability limits... ESPECIALLY for onboard/towed passengers. Are they even covered? I found that many policies were short on when it came to personal injury for passengers in the boat with you, they only tend to focus on passengers of a boat you may get into an accident with. Cost of coverage is usually commensurable with the $$ limits of coverage too. Sure if you have low limits the coverage is cheaper... you typically get what you pay for. Finally - and this is why I opted to go with State Farm. I carry an umbrella policy which dictates the terms of coverage, including what I MUST carry on things such as boats, snow machines and vehicles or the umbrella coverage is null and void. My policy covers the market value of the boat in the event of a loss. I'm not sure they offer an agreed upon value I never asked. I'm not so much worried about what I would get for the boat should it be damaged or destroyed, it's the liability I care about in today's litigious society!